CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN) has announced an end to the weekly allocation and sale of foreign exchange to Bureau De Change (BDC) operators in the country.

CBN Governor, Godwin Emefiele, made the announcement on Tuesday while while addressing the press during the MPC briefing on Tuesday, 27th July 2021.

He accused the BDC operators of facilitating grafts, illicit financial flows, and money laundering in the country.

According to Emefiele, the nation’s financial regulator will not hesitate to sanction any bank operating in the country found to be collaborating with BDC operators to facilitate illegal forex dealings.

He also accused international organisations, development finance organisations, and embassies of patronising BDC operators to fund local operations contravening Nigeria’s foreign exchange regulations.

The Central Bank also confirmed that they will no longer license new BDC  operations in the country and have also halted all current processes for new licenses.